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to hear out of the fiscal cliff discussions mailing the rates where they are. that will, of course help utilities. take a look at that excelled you. liz: that is exactly what we are doing. natural gas. it is up 4%. crude moving lower. tell me about that moves and natural gas today. that is no small chunk of change. >> it is kind of funny. everyone has different stories. i kind of feel left out here. it was a gooddmove on natural gas today. my primary focus is on crude. going forward, from here, i think we are just in a range. we got up to $90 on monday. i think we will staff a little higher. if we do go over the fiscal cliff, how long we stay there for stock. liz: you start to see some real moves and action at those levels. >> $90, we came right back off. until we get a more infinitive idea of where we are going, that is when you think we will see the build up above $92. until then, we are in a range between 90 and $85. you should just say armageddon on 12 / 12. liz: so great to see you on the floor show. they were simply the best way to get better yields. now more than 200 companies ar
, is that right? >> another day, another huge company beating up the dividend payout to beat the fiscal cliff and the higher tax rates on dividends, so, join safeway to over 170 companies, that's the latest number we've got from the wall street journal, but i bet you it's even higher than that, so they join wal-mart and weight watchers and ethan allen just to name a few. >> i should be keeping track, it was 173 a couple of days ago, i've got to believe it's pushing 200 by now. i'll he get a number. >> yeah. imus: thank you very much. by the way, the dow is up 14 points and that's where we have it this thursday morning. time is money, 30 seconds, here is what else we've got for you today. two states vote to make marijuana real including for recreational use. and tommy chong will join us, and you never know what he's going to say. concussions, they're a serious issue for the nfl and its players of course, but it's a violent sport, football. and injuries are almost bound to happen. we'll talk to a former player who now advises the union on the concussion issue. and we'll talk to a chiropractor w
that we want the repeal of this tax refund the fiscal cliff. it is a tax rate that is increasingly seen as unfair. it is willy-nilly. they say that they are increasing the number of people are insured. and they say wait a second, that's not how it works. charles: the same argument that they use, by the same token, it is so odd that they singled out medical device makers and tanning salons are it is like -- what the heck? singh that we need to go after those nefarious medical devices. we need to get those guys. charles: you know, at some point, people have to understand. great innovation and breakthroughs will be delayed. it is hard to calculate how many, but there is no doubt that this will end up killing people. >> the issue is with venture capitalism, it's already pulled back. a 42% plunge in funding of medical device makers since last year. already companies like stryker announcing job layoffs. whether we see this as part of the fiscal cliff deal, we are pushing for it. charles: at some point they do need to address this. this hurts every single american in the wrong way. thanks so m
've not discussed. i think that the president wants to go over the fiscal cliff, he wants all of the tax rates to go up, he needs that revenue,nd more important we know he is not going to get blamed. the madial protect him -- media will protect h. the other thing, this president, for a long time has tald about a balanced approach to deficit reduction, we assumed revenue on the table and spending cuts, but only conversation we're having is tax increases, there is no conversation about spending cuts. >> in january 2010, said he wanted to tap into entitlement reform, we have to look at entitlement. neil: steve quickly, one thing you are not looking at on the timeline, you think that markets will not have a voice in what happens, i saw, always, stay tuned. >> we'll see. lou: right, steve murphy thank you. an >> thank you. lou: mont monica rowley, what e bleepp >> i know. for your comments. republicans seem to be folding like cheap suits in the fiscal negotiations it just seems that way, doesn't it it does however seem that w way. james wrote,ea
a line in the sand, he says there isn't a deal on the fiscal cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we never discuss spending. so from this standpoint, the left is absolutely winning this argument, because that's what you and i are talking about right now, tax revenue. there is not a revenue story. -- this is not a revenue story. it is a spending story. >> thank you, you are right sir, yet again. thank you very much indeed. let's bring in kirsten powers. she joins us from washington. kirsten, welcome to the program. i don't think you have been on before, have you? >> good morning, i don't think so. though i've always wanted to be invited. stuart: ok
thing if there when of the fiscal cliff. it is a disaster. the rating agencies said they would downgrade credit. and the people are not going to be. >> the last time i recall a downgrade the result was a rally in the bond market and about a ten. move over the short term in the equities market. >> yes. lou: so was talking with a fellow the other night, measure of success in his career making decisions on equities and companies. he says he thinks the fiscal cliff is so overstated as to be insured. >> without a question in the minority of those i know. >> on the tax side of it is overstated. there is no question. a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched,
to accept just rates, they do not want to go off the fiscal cliff, they think they will be blamed. neil: do you get the feeling that i do, this is kabuki theater, and president with his overtured on rate level, and what they would be, now talking about some spending as part of the deal, that was all factored in. he has just been doing it in stages, we'll get a deal. do you think that is going to happen? >> i think it is a responsible approach. we have to get a dial. this is not a democrat issue or a republican issue, this is an american issue, we know we have to cut spending and we know there has to be some solution. at the end of the day we have on grow the economy. only way out of this thing. >> i think we'll get a deal, i'm not convinced to be done before christmas, i think before the super bowl. but -- >> just punt for 6 months. >> it might happen, i was curious with president and mitt romney having lunch, whether obama presented him a bill for lunch, and added a 40% gra % gra on it. neil: they had turkey chili. >> let me tell you. one thing we have to do, i work in my 7 industry, we ha
over the fiscal cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it's worthwhile to go over the cliff, it's not the case. it is, without a doubt, a cliff. it's $600 billion. the economy cannot withstand that shock. it's slowing in anticipation. lou: $600 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolutely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodity prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big time. >> yawning until they don't. that
the fiscal cliff does involve higher taxes? you have higher taxes, a slowing economy and baby inflation. what do you think, will it start to kick in click select this is a recipe for disaster >> the accumulation of excess reserves in the commercial banks that right now are just parks at the federal reserve. while the fed says it has an exit strategy, nobody knows at the fed no how high interest rates would have to go to prevent that from becoming the source of inflation later in this decade. that is what worries me. the fed has built up a kind of liquidity that will be very hard to control. they provide very high interest rates at a time where the unemployment rate is still high in the fed may back away from tightening fast enough to prevent an increase in inflation. lori: do you think interest rates will stay at low levels? the fact we have not had a market reaction stepping in to raise rates sharply, what do you think of that? >> the fed can keep the short rates low, but at some point, rates will have to go back to normal levels and if inflation picks up, they will go up very substantially.
is sustained growth rate formula. the 2 is part of t fiscal cliff, sequestration due to the fiscal cliff. melissa: at the same te thesdoctors at end of the day end up paying higher income tax after what they're maki at work is cut. when they get home and the government comes back and takes a bigger bite. >>melissa, your viewers many already faced wi this 50,000 or abo tax that is going to occur if thi isn'solved. i want to point out physicians this is gross fire, manyy physicians have a lot of expenses hidden in that. they're not making $250,000. the cost of machinery. cost of tests. cost of keeping offices open. every smalbusinessas the problem. doctors will get in the positiono say wait a minute, i can't afford to ke care of tse patients. maybe they go t the hospital. melissa: on p all that the doctors are affected the health care act's restrictions. >> theyill not be able to offer certain technological solutions because insurance won't pay f it. i want to order thattest but insurance won't pay. i'm still liable even if i can't order it. obamacaris squeezing us already before this is
rate in 2013 if the fiscal cliff does not go well. there is no bipartisan agreement on the way to save the day. so many other companies, wal-mart, eastern allen, weight watchers all payouts as dividends ahead of this year. back to you. melissa: but wait, there is another company to add to the dividend list. don't miss "countdown to the closing bell" with liz claman. plenty of evidence now showing that it impacts decision-making. lori: it is great to see ceos and companies rewarding shareholders and shown their grateful to that. citigroup cutting 11,000 jobs. trying to slim down with more cuts on the way. >> 23 minutes past the hour, hello, this is your fox news minute. witnesses telling reuters gas bombs are being thrown at demonstrators outside the presidential palace. president mohamed morsi is back after running from hundreds of thousands of protesters swarming outside yesterday. demonstrators furious over the power grab in his rush for a new constitution. the israeli prime minister is saying the jewish state remains committed to negotiation settlement with palestinians as israel pl
to be pretty. be prepared for a fiscal cliff, a bad deal -- none of those guys on the republican side -- >> i think look bac at your besellers have a tinge of guilt tat road you to publishe publishing fame a wel lusivers n pin stripes. >> ty are good guys. >> you called them worms. >> they are good guy worms. >> i hate you >>ll right. >> i love you all. neil: i wish we had more time. anyuts are dead on arrival, he'll beere, so is ralph nader nader. lashing back about how u.s. coanies are taking money out, wait until you hear him let her rip. >> but first the democrat who demanded a voioice and g one, demanded a voioice and g one, did h before copd... i took my son shing every year. we haa great spot, not easto find, but worth it. but witcopd making it hard to breathe, i thought those days might be or. so my doctor prescribed symbicort. it helps significantly improve my lung funcon starting thin five minutes. mbicort doesn't replace rescue inhaler forudden symptoms. with symbicort, today i'm breathing better. and that means...fish on! symbicort is for copd including chron bnchitis and emphysem
. it is always great to be with you. i am concerned not only about the farming cliff, but the overall fiscal cliff. we need america to come together. we need to create more jobs in america like we have done here in nebraska, as you know. we have 3.8% unemployment rate here in nebraska. i want you to know that i have talk to our farmers and ranchers. they are prepared to take their fair share of budget reductions if it will put america a better economic shape. liz: i know. i know. do you think it will happen? it does not look overall at the moment, governor. >> it does not. the president needs to lead just like the governor's lead in their states. they ought to stay together as long as it takes to develop a framework for a real positive solution to move forward regarding the fiscal challenges we face. the two of them need to sit down, get it worked out and put america first. liz: you governors and what we have learned from delaware and rhode island and pennsylvania and utah, all of you have been so kind to come on the show, is that you cannot wait to have this very delicate ballet dance that
the fiscal cliff than not to have a rise in tax rates, and he said, quooe, "no deal is better than a bad deal," and a bad deal for him is not letting tax rates go up. what do you think of that? he's one of your own. >> well, unfortunately, we've got too much partisanship in washington, d.c.. the american people want the leaders, both the president and the congress to come together, make the tough decisions. it's going to take both. it's going to take the revenue, but it's also going to take fundamental reform of spending. you cannot spend a billion dollars more than you take in every year or there's fiscal ruin, and with the amount of baby boomers retiring over the next several years, they are going to have to deal with things like medicare, medicaid, and social security if we're going to resolve this thing for the long term, and, frankly, iowa farmers and small businesses will be hit with huge increases in capital gains and death taxes, a real damaging blow to our state, which is doing well. liz: let's talk about the double whammy you face, and you're only one of six states where it's an int
and egypt as we take it up with the a-team. the so-called fiscal cliff is really all about the obama ultimate may tum. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. lou: president's ultimatum and his insistence on higher taxes may take us over the cliff. chris and steven next. the next scott walker? michigan's republican governor ready to do political battle with organized labor in his state. what about a right to work law? straight ahead. the boys use capital one venture miles for thr annual football trip. that's double miles you can actually use. tragically, their ddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. buwith the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is no
a ponderosa buffet. it is not going to be pretty. >> be prepared for a fiscal cliff, a bad deal -- none of those guys on the republican side -- >> i think look back at your bestsellers and have a tinge of guilt that road you to publish publishing fame are wel lusivern pin stripes. >> they are good guys. >> you called them worms. >> they are good guy worms. >> i hate you. >> all right. >> i love you all. neil: i wish we had more time. any cuts are dead on arrival, he'll be here, so is ralph nad nader. lashing back about how u.s. companies are taking money out, wait until you hear him let her rip. >> but first the democrat who demanded a voice and got one, did he get an answer? we'll ask. governor jack markel. you stl think yore colder thane? nah. don tell me. tell tiny! [ ice crackli ] [ knuckles cracking ] and o are you supposed to be, ck-up? ndle it. what you looking at? ha! cat-like reflexes... whoa! [ male announcer ] t coors light silver bullet pint. it's bge it's resealable it'still the coldest. don't you do it. don't you dot! [ ma announcer ] frt brewed coors lig. the world'most r
raising taxes and the fiscal cliff and what financial problems we're in this country, i read these numbers i want to tear my heart out. how do you feel? >> melissa, it is wse than that. in '09 he had the navy pay $424 a gallon for 20,000 gallons. that is fuel on the market you could buy for $3 a gallon. $424 a gallon. in mind, this president s had a war on our defense system. he disarmed america. he has done away with our brigade combat teams, our ships, our f-22s, c-17s, future combat systems. he uses the excuse. no, i have not reduced the budget for the defense. but wh he has done, melissa is move his green agenda into the, under the defense so we're paying for l this. now, senator mccain and i took this out. we had two chans that we made in the law to keep them from doing that. one was a section that said you can no longer use our readiness dollars to buy all this fuel and all this stuff. and then we also have had a prohibition against using defense dollars to build refineries. that can be done in the private sector. well on the floor there was an amendment, pretty much down party lines
go up. and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional c
is recovering. i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a couple years. that is the smart way to do it. lori: thank you for your time. >> thank you. you bet. melissa: i would like to be optimistic. date -- details of the probe have not been released. over 80 people have already been questioned about the more than $5 billion in trading losses last day. peter barnes has the exquisite details right now. peter: we first learned about this probe in september through news media reports. the number of people questioned suggest that the scope of this thing is broad and could lead to more political problems in washington for jpmorgan chase. the probe covers $5.8 b
cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no longer focuses on inflation, but on employment. that is why the unemployment rate will be ever more important today. next year, the federal reserve will be even more starvation -- we are going to push growth at any cost: the cost being inflation. at some point, the market will take point. we are going to have a lot of turmoil. we do not have a european crisis. we are certainly a candidate. higher rates will be in it. dagen: higher by how much quick select you have 1.6% on the ten year period >> in recent years, everyone has felt warm and fuzzy. let volatility go back to normal time. you do not need the chinese to dump their bonds. th
: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the tax rate issue. the president insists more revenue comes from higher rates, not deduction limits. -pit's a standoff and it contins less than four weeks to go until the deadline. be careful what you say in a local police want a law, new law requiring that text messages be saved for two years. how do you feel about that? ever texted something you wish would go away right now? there is of course the privacy issue as well. well, here comes the judge. he will be new at 10 on this one. got it. shares of darden restaurants, they're down today and they're the company that runs olive garden, red lobster, and they're dow
about how this divide is growing on fiscal cliff the white house came out with these huge new demands. before, they were talking about increasing rates. that was bad enough and now they saves increase rates and get rid of deductions. a huge increase in demand on tax rises. does that concern you? >> absolutely. this is a proposal was brought to the table and on the republican side kind of laughed at and not take it seriously at all. some concern for the market because we are no closer than we were two week ago to any kind of agreement at all and if history has taught us anything with washington d.c. they don't solve anything until it comes to the last minute and all that uncertainty creates a lot of volatility in the market and we're seeing that more and more and will continue to see that for the next 30 days. liz: you to in this out and listen with one ear because you have been long-term bullish. how do you proceed when there is this echo chamber out of washington d.c. about the fiscal cliff? >> what you need to realize is regardless of where they end up, they have reduced standing an
%. that is not was on the table right now. what's on the table related to the fiscal cliff is a proposal to create a cap on deductions, all kinds of deductions. the charitable deduction with interest rates soared over deductions people can take. with they do it at 17,000 or 22,000 or even a much higher number like 35,000, the problem the we see is that with those of the deductions people will take things because they benefit themselves. in the case of the charitable deduction, they are going to put out money in order to get a deduction. if someone gives a thousand dollars the market $350. if they lose that incentive there are only going to give 650 to begin with. it'll lose anything. the organization that served the people in our society in communities of the ones hat will have to cut back on their staff and will have to cut back. gerri: you know, what is confusing to me is if you take away this deduction, then he steps in? to haae to rely on government to step in? will the government run these programs? where does that money come from? >> we all know the answer to that. >> yes. we all know the answer
is cutting the top rate to 45%. more to ce like should washington sub di size wind energy? more on the fiscal cliff as americans on all levels have to prepare to take the tax hit. hope it doesn't, but i'm going to break it down next. ♪ gerri: i always like to give you the straight poop on everything, and, today, i'm concerned about the fiscal cliff. in the past two days, two very well-connected professional money managers have spoken to me about their trepidation their clients have about the expiration of the bush tax cuts and the cut backs on spending. money is worried, concernend many are selling as you've seen. to read the stories of the press on the fiscal cliff, well, you'd think change is on the horizon just 33 days away, well, it doesn't maer much. in fact, just sit back, relax. the fiscal cliff is not a big deal. i'll quote one here. it's unlikely all of these bad things happen or stay in effect for an extended period of time. pundits call if the fiscal cliff smoke that is, instead o a cliff, the rising support for junking the fiscal approach as confusing and renaming it the austeri
our gridlocked congress is doing nothing at all. the fiscal cliff already taking its toll. rich homeowners in the pants hamptons. millionaires are dumping digs at discount prices before capital-gains tax rates are expected to jump january 1st. for more let's bring in real estate mogul barbara corcoran, founder of the corcoran group. welcome back to the show. >> thank you, gerri. gerri: always great to have you here. do you think people out there dumping properties in advance of december 31st? >> first off, they don't have very much time left. it usually takes more than two or three weeks to sell a house. what is more the truth people are using it as excuse. i will get a great deal on my house only if you close by december 31st. doesn't really happen. gerri: it is a good negotiating tool. >> it is a good little trick a3 million house selling to a guy with $3 million to spend. guess what? he will not fall for a trick like that. -phe will negotiate hard like he always does. gerri: talk about one of those issues that has been at the margins of the conversation on the fiscal cliff. d
have no fear of going over the fiscal cliff. >> absolutely not. we need a new tax code. that's absolutely the base thing we need to have. it should have lower rates. and it should come ultimately, tax reform does, by taking out all the junk in the code. david: the extraordinary thing he said exactly what pub puns republicans are calling for. it could end the skaubling. he said the following. this is his principles for tax reform from his budget in 2011. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. again, that is the compromise we're all looking for, quickly. >> well it is absolutely but let me take you back to where you started. that is we have the big increases in spending that seem to be in the budget right now. that is where really the other side on this debate wants to go. increase spending. they need increased revenues. why not go over the fiscal cliff where you get both of those? i think that's where we are headed, david, unfortunately. david: bill beach, director of her
of the fiscal cliff people in california will pay a boat load in extra taxes, the of calla earners will earn 52% marginal income-tax rate. zynga looking to get into the real game of gambling. and for a gaming license, that would mean gamblers in nevada could put down real money in names like zynga poker. the first day washington state residents conseco cox legally in public and in seattle they are doing that. huge crowds at midnight last night, like the new year's eve celebration according to several witnesses and a few cameras. the only problem is it is still against federal law and that is a problem for growers and sellers. detail people. that is your west coast minute. dennis: no word what this is doing to the productivity rate in washington state. the f h a is in talks eat, housing secretary shaun donovan wraps up his appearance beforee the senate banking committee. cheryl: let's go to peter barnes who is standing by in washington monitoring that hearing out of d.c.. peter: republicans charge that a bailout of the faa is coming and the housing secretary cannot rule it out. shaun donovan say
to be the key to this entire fiscal cliff mess. president obama saying the roundtable was struck by ceo's willingness to pay higher taxes and patriotic duty and the president also talked about speculation they may want another death to inflate next year. he has to break that habit before it starts though it is of course up to congress to raise the debt ceiling by passing along. thank you. dennis: our next guest says they have the perfect solution for the financial woes. joining us now, one of those critical of the house speaker. thank you for being with us. let's just cut to the chase, what is your fix, sir? >> when you think fair share to the president's administration says, think flat tax. the president talks about warren buffett should pay with his secretary pays, but he is not proposed a single idea that will make that happen. we have the perfect idea. you want them to pay the same rate, i want them to pay the same rate, but i have a way to do it. you give a 15% flat tax on income taxed, capital gains, gift tax, to put it across the board and then you will see everybody pay the same
about the fiscal cliff, but i have to tell you, you sound like a lot of people in washington today. concerns over whether these leaders can get together and find common ground and resolve this issue. it would be meaningful to stay like yours. governor, thank you so much for coming on. >> thank you, gerri. gerri: it's not just politicians and ceos are worried about the fiscal cliff. even baseball players are worried. this man just signed a contract with the atlanta braves. this is something that the mbl rarely does. if upton gets paid one day later, he gets paid an additional $120,000 in taxes. he is not alone. his former tampa bay teammaae, signed an extension cable next week. who can blame them? it is like a tax revolt all over the place. if washington doesn't act fast, major league owners will be forced to shell out a lot of money. [ oman ] ring. ring. progresso. i just served my mother-in-law yo chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ]
obama's i'm going to call it slap in the face to the republicans on the fiscal cliff. check the price of oil. 88 a barrel, up a little. lisp to this, we've got a huge drop in the birth rate in the united states. the recession may be to blame. 64 births per 1,000 women of chile baring age, 15-44 in 2010. that's about half of what it was in the peak of the baby boom 1957. the birth rate is way down. liz macdonald and gerri willis are here on this subject. do you have any idea what's going on here? >> well, two sides could help explain that. first of all, mexico, for example, is doing better than it has been, fewer immigrants coming from mexico. there's a draw there right now going on in that country and here is the other thing, in this recession, two things that typically don't get hit as typically they got hit this time around. housing construction where immigrants work and farms where immigrants come in, so, these people who would typically work in these professions had their income quashed, left the country and lower birth rate. >> a great point. and when you have a lopsided society
the latest fiscal cliff shrugged off the concession on taxes. the administration is calling for a trillion and a half dollars in tax increases, and the other sticking point for republicans, much of it must be the results of tax rate increases, and that's a non-starter for republicans. >> flabbergastee. i looked, and i said, you can't be serious? i just never seen anything like it. we have seven weeks between election day and the end of the year, and three of those weeks have been wasted with this nonsense. >> okay. you heard for the first time in two decades now acknowledge revenues can go up as part of the balanced plan, a good first step, but they have to deal with rates and revenues. >> this talk has lawmakers and analysts skeptical. they could strike a deal to have hundreds of billions in tax increases set for january. still, both sides have been through the debate before. they know the options available to cobble a deal together. one aid says it's too early for either side to reach an agreement knowing they still have to show to their members they pushedded for every possible point to
the fiscal cliff and your money. income tax hikes could be worse than investors realize. top tax rates going up next year for capital gains, dividend and income. in addition to the surtax to pay for the health care law, and something that we are not talking enough about. what can you do to prepare? joining us, cofounder and former partner at ernst & young. i am glad you are here because we are not talking about that amendment. let's talk big picture. you advise clients basically because you don't know what will happen, how do you do that? >> be very prepared for listening to what legislation will be coming up. for instance, one of the things we are saying is deferred deductions until next year because you get a higher tax benefit for them but get yourself positions of congress passes some sort of a cap, write up charitable contributions. transferring assets to kids, that is happening in the month of december. selling securities, selling real estate will go down to the wire because it takes a lot of people to do those sorts of things. my gosh, one of the things, dividend income is probably th
, theman some democrats blame for the fiscal cliff impasse, grover norquist, president of americans for tax reform. and the many ands a finger to about fixing it, michael reagan, founder of the reagan group. i wantto start with the republicans plan that they put on the table. they have been accused of doing nothing and all. they come up with their own plan which inclus 800 billion in revenue from closing loopholes and eliminating deductions and then 1 billion in spendin cuts. it is being rejected from the get go by democrats. grover, what do you say? >> i think the republicans had a very good pl called lorraine budg. they alloted for it in the house. itsaves $6 trillion over the same decade, and they did not raise taxes and all. i really think of the president is not iterested in compromising, and not sure it is wise with the republicans to keep moving in his direction. i suppos it ge you five minutes on the nightly news to say you are being reasonable, but the president keeps saying he jst wants massive tax increase no spendin cus. he wants to increase spending as part of this deal. the pr
. he says he cannot guarantee we will not go over the fiscal cliff. >> no, i cannot promise that. that is a decision that lies in the hands of the republicans that are now imposing increasing tax rates. stuart: okay. if the republicans do not agree to higher taxes on the rich, it is all there fault if we go over the cliff. got that. this is what john boehner had to say. >> the day after the election, i found the results. i went to the cameras and made it clear. the republicans were willing to put revenue on the table if there were serious spending cuts and reforms put in place. we have talked about it. the president and white house have three weeks. this is the best we've got? stuart: as of this monday morning, the white house wants the republicans, forces the republicans to agree to raise taxes. the republicans thus far seem to be saying we will cut deductions, but not raise tax rates. >> what is so flabbergasting to me is that geithner, you just heard him, he basically said if the republicans do not do what we put on the table, it is fall off theefiscal cliff and it is the repu
the special dividends that keep getting announced thanks to the threat of the fiscal cliff could have a downside for companies and possibly the investors of those companies. up next liz macdonald tells us what it is. ♪ . david: we knew it was coming. the white house released a response to the republican counteroffer that came out from the president on thursday. this is what the white house says. the republican letter released today does not meet the test of balance. the response goes on to say, quote, until the republicans in congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates we will not achieve a significant balanced approach to reduce our deficit, our nation needs. it goes on. sandra: sounds like we're still nowhere is what that says. david: right in the middle. more and more companies are issuing special dividends in fear of potential tax hikes in the new year. they're borrowing lots of money to do it. that is the most shocking part. david: it is incredible. the person knows all about this is fox business's liz macdonald because she g
. the managing partner of mortgage banking solutions joins me from austin, texas with his fiscal cliff survival tips. thank you for being with us on our series this week. you say we are thinking of buying a home right now we should do it. why? >> interest rates at the lowest, affordability index at the highest, great time to buy, people are buying and we're seeing bottom form because of investors' coming in and picking the property, that has been displaced, get in and buy now, you not see this for decades. cheryl: i will lose mortgage interest deduction, there is talk about loopholes like primary properties, and you can sell it with no taxes paid with the rollover or not and changing that as well. that is negative for housing. >> they are losing that incentive, the tax incentive in the refund each month. when that goes away there's one more incentive to let go of that house when things get tight but here is the upside and this is why i recommend people look at this. the inflation component is going to kick in, they will go back up. it is and appreciation -- cheryl: we are talking about a four y
. cheryl: i am cheryl casone. both sides sticking to party lines refusing to budge on the fiscal cliff. we will break through the gridlock on the last day of our special series fiscal cliff survival kits. david dietz from another taken. dennis: what your small business needs to do to prepare for falling off of the cliff. cheryl: in all of this is a silver lining especially dividend payouts and stimulus payoffs. dennis: a push to replace the paper dollar with a coin. won't believe how much money for taxpayers. cheryl: lauren simonetti in the stock exchange. >> the nasdaq anderson be a higher but not for the dow. the dow is negative but the other two are positive. the second week in a row, all three indices are down right now and near session lows, relatively flat, major declines, and major comments out of anybody in washington regarding the fiscal cliff today so we have this cautious market. let's look at the biggest loser in the s&p 500, cabarrus 9. shares are tanking 14%. they operate diaz they.com internet addresses, they renewed contract with regulators but as part of the deal they can
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